Final answer:
The creation of the Federal Trade Commission was a response to the concentration of market power and widespread anticompetitive practices during a particular period. Congress passed the Interstate Commerce Act and the Sherman Antitrust Act to regulate these practices and promote fair competition in various industries.
Step-by-step explanation:
The prevalent problem during this period that led to the creation of the Federal Trade Commission (FTC) was the concentration of market power and widespread anticompetitive practices in various industries. Industrialization in the United States led to the emergence of powerful firms that engaged in collusive behavior and attempted to monopolize the market, resulting in unfair practices and limited competition.
In addition to this, to address this issue, Congress passed the Interstate Commerce Act in the year 1887, creating the Interstate Commerce Commission. Moreover, the Sherman Antitrust Act of the year 1890 also made monopolizing and conspiring to restrain commerce illegal.